A former Lowe's site that has sat empty for years on a prominent corner at the entrance of Eustis sold on Thursday for $1.6 million.
The 9.29-acre property was bought by an LLC controlled by a local physician, who has plans to build a medical office development on the nearly nine acres along U.S. 441, according to the seller's broker.
"It is going to be something very exciting" on that corner, said broker Paul Bryan of Bryan Properties, Inc., listing agent for the seller, VOH LLC, owned by Valerie O. Hart.
"The group bought it with great plans to make it a focal point on the highway," Hart told GrowthSpotter on Friday. "It will bring good businesses and create an upscale feel for property in the area."
Records show the buyer was MD Expansion Eustis LLC, controlled by Dr. Khai Chang, registered on various medical websites as a doctor of internal medicine based in Mount Dora.
Bryan said the buyer plans to build medical office buildings, and eventually fill out the site with professional and retail space.
The purchase and the buyers' plans pleased Eustis city officials on Friday.
"The City of Eustis has been actively working with the real estate representative of the buyer and we anticipate that this sale will result in investment and redevelopment of the property," said Economic Development Director Tom Carrino. "With prime U.S. Highway 441 frontage, this site is a real opportunity for a prospective user."
The property currently has two buildings built in 1986, one with 56,255 square feet and the other with 7,686 square feet.
Bryan said the land has been listed for seven or eight years. At one point Kohl's was interested, but decided to open on a site close by on the south side of 441, he said.
Dr. Chang did not respond to requests for comment on Friday.